Palantir (PLTR) Q3 earnings report 2024 [Video]

Palantir shares jumped 13% in extended trading on Monday after the data analytics software maker reported robust third-quarter results and revenue guidance.

Here’s how the company did compared with LSEG consensus estimates:

• Earnings per share: 10 cents adjusted vs. 9 cents expected
• Revenue: $726 million vs. $701 million expected

“We absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down,” Palantir co-founder and CEO Alex Karp wrote in the company’s earnings release.

Palantir’s revenue grew 30% year over year in the quarter. Net income of $143.5 million, or 6 cents per share, was up from $71.5 million, or 3 cents per share, in the same quarter a year ago.

Karp called out the adoption of artificial intelligence in the company’s U.S. government customer base.

“The growth of our business is accelerating, and our financial performance is exceeding expectations as we meet an unwavering demand for the most advanced artificial intelligence technologies from our U.S. government and commercial …